You Can Still Get a 2/2 in the Gold Coast for Under $300,000: 1211 N. LaSalle
This 2-bedroom in LaSalle Towers at 1211 N. LaSalle in the Gold Coast just came on the market.
We haven’t chattered about this building in 11 years.
1211 N. LaSalle, or famously known as “The Mural Building”, was converted from apartments to condominiums in 2006. The building was built in 1924 and has four units per floor with 68 total units.
It has an exercise room but it doesn’t appear to have a doorman (as that’s not listed as being included in the assessment.)
This unit has a split floor plan.
It has a unique boxed ceiling in the living room.
There is carpet in the living room and bedrooms.
The kitchen has dark wood cabinets, black and white appliances and what looks like granite counter tops.
There’s no central air but it does have window units.
There is also no in-unit washer/dryer but the building has a laundry room.
Parking is $20,000 extra.
This unit is currently rented through August 31, 2019 but the listing doesn’t say for how much.
Since this building was converted into condos, the neighborhood has seen dramatic change with a new subway stop in front of the building and a new luxury apartment high rise, the Sinclair, and Jewel just next door.
Listed at just $299,000, for future landlords, is this a deal for the location?
Deborah Nick at Compass has the listing. See the pictures here.
Unit #1102: 2 bedrooms, 2 baths, 1150 square feet
- Sold in March 2006 for $286,500 (no parking included)
- Sold in April 2010 for $190,000 (included parking)
- Sold in March 2014 for $250,000 (included parking)
- Currently listed at $299,000 (parking is $20,000 extra)
- Assessments of $469 a month (includes exercise room, exterior maintenance, scavenger and snow removal)
- Taxes of $4988
- Window a/c units
- No in-unit washer/dryer: but there’s a laundry room in the building
- Bedroom #1: 12×15
- Bedroom #2: 13×13
perfectly acceptable place, a little aged and carpeting gnarly, but pretty good details on the ceiling / walls.
Is this even breakeven after taxes HOA and expected maintenance? I feel like most condos downtown / Chicago are basically losing investments. Honest question, my wife and I are considering getting into rental investments, but probably better to do so in adjoining states outside of IL bankrupt governance.
quick internetting that may be wrong looks like its rented for $2100 WITH the parking spot. this place is a guaranteed loser as an investment? Are all condos downtown basically going to lose money if you want to buy to rent out as an investment?
You buy it for the tax depreciation and pray for future appreciation, or something like that.
I don’t think that all downtown condos are going to lose money, however with future tax hikes incoming and the ever increasing assessments in almost all associations, I think it will become far more difficult to squeeze decent cap rates out of Chicago condo rentals.
Then you have the massive supply of luxury rentals that have been built which will further put price pressure on places like these with old finishes and no amenities at all.
“rented for $2100 WITH the parking spot.”
[12(2100-469)]-5000 = $14,572 gross income. Seems to me that the $250k was about right, and $320 is too rich (4.5% unlevered just isn’t very good with the risks attendant with a single unit, and current rates).
Looks like the advertised rates for investment properties are about 5-5.25 right now. I would want a little squish in the cap over the mortgage cost, so think at least a 5.5 cap, and that would be $265k, assuming minimal tax/assessment hike risk, and no immediate repair costs.
My grandparents, now deceased, lived here during the first years of marriage. They married in 1938. The mural definitely wasn’t on the building then.
I remember the mural from the early ’80’s. Surprised it has lasted this long!
Yeah, always confused when something like this gets pitched as good for investors. As others have suggested a quick 30 second analysis suggests that at conventional 75% financing you lose money every month. Or at least you will when all the newer nicer buildings with better amenities take your renters and drive down your rents. Appreciation? no , not in Chicago. How in gods name is that an investment? A new boat is a better investment. I’ve been able to acquire a couple of units on the northside sub 100 K and eke out a decent cash on cash return while I hope for a deconversion. But it’s a pain and can’t fathom why anyone would go through it to lose money every month for the foreseeable future.
It’s not a new stop, it’s a new entrance to an existing stop
that’s weird, that was supposed to have nitpick tags around it so it’d be obvious I knew I was nitpicking 😉
Where is the line between Gold Coast and Old Town? I definitely thought this was Old Town.